all you need to know about bitcoin.

The cryptocurrency markets posted a multibillion-dollar decline on Wednesday, with the vast majority of top-tier coins posting minor declines. The bitcoin price ticked down to $5,631 after threatening to press lower, while the ethereum price dropped back below $300 after achieving that mark the day before.​

These minor declines culminated in a $2.6 billion decrease in the total cryptocurrency market cap. The crypto market cap began the day at $169.2 billion but began to slide early Wednesday morning, briefly dropping below $162 billion before recovering to a present mark of $166.6 billion.​

Bitcoin Price Flirts With $5,400

​​The bitcoin price declined another 1% on Wednesday, but the damage could have been worse. Early this morning, the bitcoin price briefly dropped below the $5,400 mark for the first time since last Wednesday, but it has since recovered to a present mark of $5,631. Nevertheless, this represents a more than $550 decline from the all-time high bitcoin set last week. Bitcoin now has a market cap of $93.7 billion.

As CCN reported yesterday, a portion of this decline should be attributed to the Bitcoin Gold fork. The blockchain snapshot took place Tuesday morning, freeing traders to sell their bitcoins while still receiving a maximum amount of bitcoin gold. Bitcoin gold is not expected to have much value, but neither traders nor investors wanted to leave any potential “free money” on the table.​

Ethereum Price Dips Below $300

​The ethereum price has continuously gravitated toward the $300 mark during October. Despite increases as high as $348 and declines as low as $279, ethereum continues to find itself pulled back into the $300 orbit. On Tuesday, the ethereum price had climbed as high as $312, perhaps giving investors hope that it was going to break out of its recent slump. However, ethereum ultimately found itself drawn back to the $300 level and is currently trading at $297. Ethereum now has a market cap of $28.3 billion.

Altcoin Price Rally Lasts One Day

​On Tuesday, traders began to pour capital back into the altcoin markets, restoring a bit of balance to the bitcoin-heavy total crypto market cap. Unfortunately for altcoin investors, that phenomenon does not currently appear to be evolving into a trend, as altcoins fell back into decline on Wednesday.

​The ripple price declined 2%, forcing its market cap back down to $7.9 billion after touching the $11 billion mark as recently as October 16. The bitcoin cash price dropped 1%, while litecoin posted a top 10-worst 5% pullback.

​Dash and NEM each tapered by about 1%, while NEO declined 4% to just under $30. Bitconnect, continuing its habit of bucking the prevailing trend, made slight progress to place its price just pennies away from $200. Monero rounded out the top 10 with a 3% decline that reduced its price to $87.

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